• Fri. Apr 19th, 2024

News Eyeo

All Important News

Donald Trump files lawsuit against Trump Media & Technology Group co-founders Andy Litinsky and Wes Moss

Byeditor

Apr 3, 2024

Donald Trump has filed a lawsuit against Andy Litinsky and Wes Moss, co-founders of Trump Media & Technology Group, the parent company of Truth Social. Trump is arguing that Litinsky and Moss should forfeit their stock in the company due to alleged improper setup. Litinsky and Moss had previously filed a complaint against Trump in February to prevent him from reducing their combined 8.6% stake in the company. This legal battle is playing out in both Florida state court, where Trump filed his lawsuit, and in the Delaware Court of Chancery where Litinsky and Moss filed their complaint.

The lawsuit filed by Trump claims that Litinsky and Moss mishandled an attempt to take Trump Media public years ago, causing the project to be delayed for over a year and a half. Trump’s legal action also alleges that Litinsky and Moss made several attempts to block Trump Media’s successful plan to go public by merging with Digital World Acquisition, a publicly traded shell company.

Since Trump Media went public, its shares have seen significant fluctuations. As of Tuesday, the company’s stock closed at $51.60, marking a 6% increase and valuing the entire company at $5.9 billion. The ongoing legal battle between Trump and the co-founders highlights the complex dynamics at play within the company and its leadership.

By editor

Leave a Reply